The word is that Larry Ellison is pumping in something not far short of US $300m to help realise the vision of live TV coverage of the America’s Cup like we’ve never seen.

Last month I enthused about the ‘crash and burn’ of the America’s Cup World Series regatta on windy Plymouth Sound in front of thousands of spectators. The live TV coverage from multi-angles - from the water, from the air, the land and the on-board cameras - was breathtakingly exciting.

A number of non-sailing friends who happened to catch a glimpse of the coverage on one of the ITV terrestrial TV channels in the UK said they couldn’t stop watching. It was jaw-dropping, compelling stuff. But will they be so minded to make a note of when America’s Cup style racing is next on the TV? I think we’re some way off that yet.

Ellison’s decision to ‘pump prime’ the live TV coverage with such a large cash injection is very generous. But even Larry, huge sailing enthusiast that he is, is not going to continue to pour Oracle’s millions into this grand experiment forever. At some point the sponsorship needs to kick in and the America’s Cup needs to start washing its own face commercially.

With no end in sight for the recession that engulfed the western world three years ago, the sponsorship dollar has never been more elusive. Ellison and his main man Russell Coutts could not have picked a tougher time in the past 80 years to try and get their grand vision off the ground. It would be a terrible shame for Oracle Racing’s brave experiment to fail due to bad timing.

There are still plenty of America’s Cup traditionalists waiting to say ‘I told you so!’ to the current holders of the Cup, and maybe they will have their day. But there are a few things that have changed for good. For a start, the long-held belief that you can only have a decent match race in slow keelboats. Already, after just Cascais and Plymouth, that myth has been blown out of the water.

On this point, I offered Coutts the opportunity to stick two fingers up to his critics when I interviewed him in Plymouth. But he was too humble, too canny, or both, to take my bait. “I can understand that [point of view] because when then the idea first started getting discussed, I didn’t think multihulls would be that good for match racing until we tried them. And then we said, ‘Actually they’re pretty good!’ I think a lot of us monohull sailors had these fixed ideas about multihulls that frankly were incorrect. A lot of good sailors have actually rung me up and said, ‘Hey, I didn’t support this to start with but now I’m converted.’”

While I haven’t done the hard analysis, I’d wager that we witnessed more lead changes during one week of racing in Plymouth than we did in three months of competition in Valencia 2007. We had to wade through match after match of predictable outcomes before that thrilling showdown between Alinghi and Emirates Team New Zealand in the America’s Cup Match itself. In this new world of high-speed multihull racing, unpredictability is always present and as we saw in Plymouth, chaos is often not far round the corner. Cup racing has for the most part of its long history been boring and predictable. Whatever charges can be laid against Ellison and Coutts, boring and predictable are not among them.